There’s just no escaping the fact that the pandemic has turned a lot of things upside down. To us, 1 of the biggest impacts was how the lockdowns led to more small-to-medium online businesses cropping up. Either because a lot of us decided to take the time to turn our side hustle into something more official or we’ve taken the opportunity to finally be our own bosses!
What we noticed in the financial services side of things is that there’s been a shift in the payment space as people want to deal less in cash and even card payments. It seems that more people are looking to online and mobile banking, with an increase in the adoption of digital-only banking services and digital payment methods, like tapping or scanning QR codes with their phones.
And more businesses are taking note of this shift, so it’s not just the small start-ups, like your coffee roasting business that you’re growing out of your garage or the organic ready-made meals you’re selling to the neighbourhood. Restaurants, coffee shops, fast food chains, and retailers are also starting to encourage cashless payments.
It’s becoming a thing and it’s innovation at its best. We love innovation and introducing new ways of doing things to the market. It’s kind of our thing, what with the whole tossing out of the traditional car insurance model so that we could reduce your premiums every month in line with the rate of depreciation of your insured car. It made sense then and it makes sense all these years later.
But let’s get back to our main point, which is that taking your business digital is certainly a wise decision as the world edges closer to a digital revolution.
However, we urge you to take the proper precautions.
Cybersure is your business’ digital safety net
Literally. Cybersure protects your business from a whole new world of crime that happens online. You might not understand it all, but it’s very real and we’ve got some very good reasons why you should cover your business against the risks of cybercrime, whether you sell wood, design and sell art, or take orders for a grocery store. (All good ideas and you’re welcome to use them.)
Your business relies on devices to operate
We’re talking about any computers, laptops, tablets or even phones that connect to the internet in order for you to operate. Basically, where there’s a connection, there’s a way to attack your business and steal or destroy what you’ve built. And this is especially true if you’re using cloud services to store data, share files, and collaborate with other parties.
It doesn’t matter what kind of business you run
Cybercriminals don’t care what you sell, how big you are, or if you’re a nice business trying to support your family. They just don’t. If they can wreak havoc and illegally make money off of your business, then they will try.
Here’s how they target you:
- Ransomware: Where they use software to block you from accessing your computer system until you’ve paid them their demands.
- Piracy: Going into your system and copying your business’ data and distributing or selling it, like your clients’ credit card data that’s stored on your system.
- Transaction fraud: Scammers pose as legit suppliers and service providers, selling you whatever might be relevant to your business and then failing to deliver the goods once you’ve paid.
- Hacking: Illegally evading your system’s security to steal sensitive data, control your systems, or cause chaos.
The costs of cybercrime are bigger than you think
There are so many ways that cybercrime can financially affect your business. There are the obvious, direct costs, like the loss of capital and assets, the expenses related to fixing gaps in your security, and even legal costs if you’re sued by clients affected by the crime. But there are also indirect costs that could put you out of business, like damage to your reputation, paying for a company to investigate what happened, the cost of helping clients affected by the crime, and the cost of business interruption as you deal with it all.
Cybersure is the answer
Without proper measures and cyber insurance, your business is exposed, and you might not recover.
Cybersure is the king’s answer.
It’s our affordable, innovative take on cyber insurance and absolutely should be a factor in how you future-proof your business. With our royal cybersure product, you can insure your business against liability arising from cyberattacks, as well as cover for your business’ computer systems, software, and data.
How to get cyber insurance
Let our cybersure team help you explore this new world.